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Home > Blog > Credit Based Insurance Score
TUESDAY, JUNE 4, 2019

Credit Based Insurance Score

CREDIT BASED INSURANCE SCORE

What does my credit score have to do with my insurance?

In most states, insurance companies use what is called a credit-based insurance score in underwriting decisions and to determine home and auto premiums.  The insurance score is calculated based on select credit report characteristics.

What kinds of things affect my insurance score?

- Payment history, bankruptcies, collections

- Amount of outstanding debt

- Length of credit history

- New applications for credit cards

- Types of credit use

- Example: revolving, personal loans

It is important to note that a credit-based insurance score is not the same as a FICO score, nor is it a hard hit on the FICO score.

Contact us today with any questions!

Posted 10:00 AM

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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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